Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 11, 2012 08:15 ET

Oshawa New Home Starts Decline in August

TORONTO, ONTARIO--(Marketwire - Sept. 11, 2012) - According to Canada Mortgage and Housing Corporation (CMHC), construction began on a total of 104 homes in August 2012 in the Oshawa Census Metropolitan Area (CMA). August housing starts were down 40 per cent from the same month last year. While new home construction has been slowing, year-over-year housing starts are still 11 per cent higher compared to last year.

"Construction is being held back by the limited amount of new homes available to buyers to build. Homebuyers in Durham region are turning to the resale market for more options and lower prices," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial, and up-to-date housing market reports, analysis, and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

To view the statistics associated with this press release, please visit the following link: http://media3.marketwire.com/docs/oshawa_stats.pdf

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